Bengaluru: A promise of massive stock market returns cost a 65-year-old engineering college professor Rs 1.2 crore after he fell victim to a WhatsApp investment scam. Fraudsters allegedly lured him into downloading fake trading apps and persuaded him to transfer money to bank accounts they provided, promising substantial profits.Between Oct 1 and 31, he transferred a total of Rs 1.2 crore from two bank accounts. However, when he tried to withdraw his money and the fraudsters repeatedly insisted that he invest more, he realised he had been cheated.According to the complaint filed by Joseph (name changed), a resident of Indiranagar, he came across an advertisement about stock market investments while browsing social media on Aug 1. After clicking on the link, he was directed to a form seeking his personal details, which he filled in.He subsequently began receiving WhatsApp messages from two groups named ‘EQIRUS CONNECT B310’ and ‘AXIS GROWTH FORUM PP’. The group administrators regularly shared trading tips and claimed that investing in stocks and trading regularly could fetch huge profits. Some members, who were allegedly part of the fraud network, also posted screenshots of their profits and bank credits to make the scheme appear genuine.Convinced by these claims, Joseph agreed to invest. The fraudsters provided him with online training and promised to guide him through the investment process using what they claimed were legitimate trading platforms.They then sent him links to download three applications — ‘EQR HNI’, ‘Y-S CORE’ and ‘AXIS SECURITIES’. He downloaded them and entered his personal details to complete the identity verification process.The fraudsters subsequently shared bank account details through WhatsApp and instructed him to transfer money to those accounts for trading. They also recommended stocks for him to purchase through the apps and advised him to sell them the following day after the stock market opened, promising substantial returns.On Oct 1, Joseph initially transferred Rs 2 lakh through RTGS from one of his bank accounts to an account provided by the fraudsters. The amount was reflected in the trading app along with apparent profits, reinforcing his belief that the platform was genuine.Trusting the platform, he continued making transfers over the next month, depositing a total of Rs 1,19,12,000 from his two bank accounts between Oct 1 and 31.However, when he attempted to withdraw the money, he was unable to do so. The fraudsters instead kept demanding additional payments, citing taxes, processing fees and other charges, while promising to release his funds. Suspecting foul play, Joseph realised he had been duped.He filed a complaint on the National Cyber Crime Reporting Portal and approached East Cyber Crime police on Nov 4. A case has been registered under the Information Technology Act and Section 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS).A senior police officer said the apps provided by the fraudsters were replicas of those belonging to private companies.How to stay away from scamsDo not click on unsolicited investment links shared through WhatsApp, Telegram or social media.Download trading apps only from official app stores and verify whether the broker is registered with SEBI.Be wary of guaranteed returns and promises of unusually high profits.Never transfer investment money to personal bank accounts shared by unknown group administrators.Do not trust profit screenshots, testimonials or trading recommendations from unknown persons.Never download APK files or applications through WhatsApp links.Do not share OTPs, passwords, PINs or banking details with anyone.Never pay additional money in the name of taxes or processing fees to withdraw investments.Report cyber fraud immediately by calling 1930 and inform your bank without delay.
